sales_and_leases

Nine New Retailers Join Hughes Landing in Metro Houston

by Katie Sloan October 7, 2016

THE WOODLANDS, TEXAS — Nine new retailers totaling 17,198 square feet are set to open at Hughes Landing, a 66-acre mixed-use development located in The Woodlands. New retailers to open in Retail Row at Hughes Landing will include Blo Blow Dry Bar, Fleet Feet Sports, Focus Optical and Fred Astaire Dance Studio. In addition, retailers to open on the ground level of One Lakes Edge apartments will include Beauty Statement, Broken Barrel, VOM FASS Oils & Vinegars, L’Atelier de Beaute and Ivivva, a retail concept founded by lululemon athletics. Located in metro Houston, the mixed-use property is already home to tenants including Whole Foods Market, Pier 1 Imports, Pure Barre and Starbucks Coffee.

October 7, 2016

Eastern Consolidated Negotiates $90M Sale of Office Property in Tribeca

by Amy Works October 7, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of an office property located at 13-17 Laight St. in Tribeca. The Vanbarton Group acquired the property, which was previously the main venue for the Tribeca Film Festival, for $90 million. The six-story property features 82,500 square feet of office space. Brian Ezratty and Roberto Ortiz of Eastern Consolidated represented the seller, 810-VE Laight LLC, a partnership between Whitestar Advisors and VE Equities, in the transaction.

October 7, 2016

Colorado Multifamily Western

The Breakers Resort in Denver Sells for $350M

by Nellie Day October 7, 2016

DENVER — BH Equities LLC, Pensam Residential and Wafra Capital Partners have acquired the Breakers Resort apartment community in Denver for $350 million. The community is located at 9099 E. Mississippi Ave. The Breakers is the largest physical asset in metro Denver, according to the buyers. It includes a nearly 190-acre site that spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center situated within minutes of downtown Denver and Cherry Creek. Koelbel and Co. and the Bascom Group developed the property. The new owners plan to implement a capital improvement program that will include re-purposing several individual community clubhouses, as well as improvements to the Catamaran Club, Riviera Cafe and the Marina. The Breakers’ sale is among the largest multifamily transactions in the U.S. this year, second only to a sale in Manhattan, according to Jeff Hawks of ARA Newmark, which brokered the sale. The deal will restructure ownership and allow Koelbel and Co. to maintain its involvement as a minority owner. Berkadia arranged Freddie Mac acquisition financing for the deal.

October 7, 2016

California Retail Western

SVN, NAI Capital Negotiates $11M Sale of Retail Property in West Hollywood

by Nellie Day October 7, 2016

WEST HOLLYWOOD, CALIF. — SVN-Rich Investment Real Estate Partners and NAI Capital have arranged the sale of Hollyway Center, a retail property located at 8351 Santa Monica Blvd. in West Hollywood. The Levitt Family Trust sold the property for $11 million, more than $1,250 per foot. The 8,790-square-foot property consists of three retail units. Hollyway Cleaners and Earthbar are the major tenants at the property. Rob Zaharia of SVN and Tim Steuernol of NAI Capital represented the seller, while David Chasin of Pegasus Investments represented the buyer in the transaction.

October 7, 2016

California Retail Western

Colliers Arranges Sale of Sutter Square Galleria in Midtown Sacramento

by Nellie Day October 7, 2016

SACRAMENTO, CALIF. — Colliers International has brokered the sale of Sutter Square Galleria, a two-building mixed-use property located at 2901 K St. in Midtown Sacramento. A Canadian-based private investor acquired the property for an undisclosed sum. Sutter Health, UC Davis Extension, Placer Title Co. and Safe Credit Union occupy the 62,763-square-foot property. Heath Charamuga and Scott Laeber of Colliers represented the seller, while Roop Purewal represented the buyer in the deal.

October 7, 2016

Georgia Industrial Southeast

Wayfair to Open New Distribution Center in Metro Atlanta

by John Nelson October 7, 2016

MCDONOUGH, GA. — Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor, will locate its newest distribution center in McDonough, a southern suburb of Atlanta in Henry County. Wayfair will lease space within Phase II of King Mill Distribution Park, an 846,496-square-foot distribution center/warehouse located at 130 Distribution Drive. Trammell Crow Co. and Allstate co-developed the property. Wayfair’s new location will create more than 150 jobs in logistics and fulfillment. Founded in 2002, Wayfair offers more than 7 million products from over 7,000 suppliers across five brands: Wayfair.com, AllModern, Birch Lane, DwellStudio and Joss & Main. The company has more than 5,300 employees in North America and Europe. Wayfair worked with the Georgia Department of Economic Development, Henry County Development Authority, Georgia Ports Authority, Metro Atlanta Chamber, Georgia Power and Transwestern on the new project.

October 7, 2016

tallgrass-corporate-center-bolingbrook-il

Illinois Midwest Office

Equus Capital Partners Completes $67.3M Sale of Tallgrass Corporate Center in Bolingbrook, Illinois

by Amy Works October 6, 2016

BOLINGBROOK, ILL. — Equus Capital Partners has completed the disposition of Tallgrass Corporate Center, an office center located at 1000 Remington in Bolingbrook. Middletown Partners acquired the property for $67.3 million. At the time of sale, the 533,365-square-foot Class A office center was 100 percent leased to a variety of tenants, including ULTA Beauty, Presence Health, Quad Graphics and AMITA Health. The office center features a full-service cafeteria, fitness center with locker rooms and showers, and state-of-the-art auditorium and conferencing capabilities. James Postweiler and Peter Harwood of JLL represented the seller in the transaction.

October 6, 2016

Northeast Office Pennsylvania

Workspace Property Trust Closes on $969M Acquisition of 108-Building Office/Flex Portfolio

by Amy Works October 6, 2016

HORSHAM, PA. — Horsham-based Workspace Property Trust has completed the its previously announced acquisition of 108 office and flex buildings, along with 26.7 acres of land, in five markets. Liberty Property Trust sold the portfolio for $969 million. The acquisition was made in partnership with Safanad, a global principal investment firm, and affiliates of Square Mile Capital Management, a diversified real estate investment firm. The portfolio includes 14 buildings and 18.1 acres in Arizona, 45 buildings and 8.6 acres in Florida, 19 properties in Minnesota and 30 facilities in Pennsylvania. FTI Consulting, Eastdil Secured and JMP Securities served as advisors to Workspace Property Trust, while J.P. Morgan Securities served as advisor to Liberty in the transaction.

October 6, 2016

California Multifamily Western

Pacific Urban Residential Buys IMT Thousand Oaks Apartments for $67M

by Nellie Day October 6, 2016

LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.

October 6, 2016

Colorado Multifamily Western

Gelt Purchases Westhills Apartments in Lakewood for $66M

by Nellie Day October 6, 2016

LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.

October 6, 2016

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